My top 10-ish positions in no particular order: UVIC, GLW, MSFT, MHR-D, GAME, GRVY, PMGLF, DRAGF. Changes in top-10: GST-A - sold, PMGLF - bought more.
New positions: BH, MAUXF
Positions increased: PMGLF, SNDK, MGDDY, MSFT, GLW, PWRD, CYOU, AMNF
Positions reduced: GST-A
Positions eliminated: CTEL
Flip-flop:
On the sell side, I decided that there is a risk of GST-A price dropping as natgas prices are going down and GST results are not so great. I sold a substantial part of GST-A. It still might be safe, but I decided not to hold it.
CTEL managed to sell its business for more than market cap, but decided to return only part of the cash to shareholders investing the rest into TV content business. Since this may not yield earnings soon, I sold the stock. Fortunately, my basis was low, but I am not happy with the result. Perhaps it's yet another example of risks involved in Chinese companies.
For some reason CEOs of a lot of successful Chinese internet companies are drawn to movie and TV businesses. It's unclear whether glamor, fame or something else drives them from their successful businesses elsewhere, but a number of companies have invested into TV/movie/content while distancing themselves from their cash cows. That's part of the story with GAME where SNDA is becoming more content company while paying less attention to quite successful online gaming part.
I continued buying PWRD and CYOU as the valuations are quite cheap.
I started exploratory position in MAUXF - at the current 52 week high. Probably that's a kiss of death for the stock. The results so far and the valuation seemed attractive though.
I decided to pay the entrance ticket to BH drama and bought a small position. I'm still not sure I like Biglari, but I am interested enough to follow his actions.
Increased positions in PMGLF, MGDDY, MSFT, GLW, SNDK, AMNF. SNDK is currently the biggest loser from the bunch and I don't think I will add more soon. |
